PLEASE NOTE:
The majority of the contents in this guide apply to both StudioPlus Spectra AND myStratus Desktop.
In most cases, instructions referring to "Spectra" also apply to myStratus Desktop.

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Home > Accounting > Setting up the Accounting Link
Setting up the Accounting Link

    
NOTE: This feature is available in the Professional and Enterprise versions of both Spectra and myStratus Desktop.


Watch video and/or follow the instructions below to set up the accounting link in Spectra/myStratus Desktop.

  1. Go to Maintenance > Preferences > Company (Studio) Preferences and open the Accounting page.

  1. Accounting Method - Choose the accounting method that your company uses. If you choose either option to Post invoices when paid in full, then the software is using Cash Basis accounting. If you choose to Post invoices when they are created, then the software is using Accrual accounting. If you choose to Post Invoices When They Match the Criteria in a Filter, first go to the Filter Builder and create the invoice type filter. Then select it from the list on the Accounting page in the Company (Studio) Preferences.

HERE'S A FLASH FOR YOU!

Posting invoices locks invoices into the system so that they cannot be changed. Invoice postings will export all sales tax payable and income information to a file that can be imported into your accounting software.

The software gives you three different accounting methods to determine how to invoices are posted. Payments are always posted as soon as you enter them.

  • Post invoices when paid in full (also known as Cash Basis accounting) - Invoices will be posted as revenue when the balance due is equal to zero.
  • Post invoices when paid in full and delivered date is entered (also known as Cash Basis accounting) - Invoices will be posted as revenue when the balance due is equal to zero AND the product delivery date has been completed on the invoice. Note: if you use this option, the software will remind you to enter the delivery date whenever you create a payment that closes out the invoice.
  • Post invoices when they are created (Also known as Accrual accounting) - Invoices are posted and counted as revenue immediately when they are generated.
  • Post invoices when they match the criteria in the following filter - Invoices are posted when they meet the criteria set up in a filter.
  1. Accounting Link - Select how you want the software to export to your accounting software. If you select QuickBooks Direct, the software will send the general ledger entries into QuickBooks directly without creating a file you need to import. If you use the entries that say just QuickBooks, Simply Accounting, or MYOB, the software will create an export file that you need to import into the program you are using. If you're not using external financial software, select None.

  2. Export Path - Select the folder where you want Spectra/myStratus Desktop to export your data. For QuickBooks Direct, this must be the location of those data files.

HOW DOES THE SOFTWARE LINK TO QUICKBOOKS, SIMPLY ACCOUNTING, OR MYOB?

Spectra/myStratus Desktop now has a direct electronic link to QuickBooks. If you select QuickBooks Direct, Spectra/Stratus Desktop will automatically export those general ledger entries into QuickBooks when you post. Make sure that you only post from the computer that has QuickBooks installed on it and that QuickBooks is open prior to beginning the posting process. Only QuickBooks supports the direct option.  

If you want the software to create a file to import into your accounting software, select the QuickBooks, Simply Accounting, or MYOB option and Spectra/myStratus Desktop will export a summary of your financial transaction to an export folder. You can then import that data into your accounting software from inside that program. Here's what you need to do to get your Spectra/myStratus sales data into your external software:

  1. Create a folder for Spectra/myStratus Desktop to export your accounting data to (e.g., C:\SPExport).

  2. On the Accounting page in the Company (Studio) Preferences, set the Export Path to the export folder you created.

  3. In the General Ledger Account Number, enter the numbers or names for each line item exactly as they appear in your accounting software.

  4. Go to Tools > Accounting Link and post your data. You'll need to both Post Invoices and Make Deposits to post completely.

  5. Your financial data will now be automatically exported in the proper format to the folder you created.

  6. Go to that folder and make sure your data is there. There should be a text file with either a .txt or .iif file extension.

  7. In your accounting software, use the appropriate menu command to import your accounting data files.

Note: Spectra/myStratus Desktop do not export transaction-level detail to your accounting software (only the summary-level detail) UNLESS you’ve specified transaction-level detail on the Payment Methods Maintenance.

 
ATTENTION!

Spectra/myStratus will NOT create a new QuickBooks, Simply Accounting, or MYOB file each time you export your data. Instead, the software will add each posting to the same file. Each time you import your data into QuickBooks or Simply Accounting, remove the export file from the folder. Spectra/myStratus will then create a new export file each time. If you do not move, change, or delete this file, duplicate entries will be created when importing into your accounting software.

  1. Tax Agency - Fill in the name of the tax agency, if needed. Otherwise, the software will use a generic "Sales Tax" entry.

  1. General Ledger Account Numbers - Enter your account numbers or names for each line item. The accounts that we will be posting to are Customer Deposits (Cash Basis) or Accounts Receivable (Accrual), Sales Tax Payable, Shipping & Handling, General Sales, Discounts, and Cash Back.

ATTENTION!

Once an account is created in QuickBooks, it cannot be deleted. Be sure your account names or numbers match before importing into QuickBooks. It would be a good idea to perform a backup in QuickBooks before attempting your first import from Spectra/myStratus. That way, if things do not go as expected, you can simply restore the backup.

    • Customer Deposits/Accounts Receivable - The liability account that income from unposted invoices is credited to and then debited from once the invoices are posted. Which account that gets credited/debited depends on which accounting method you are using - Cash Basis or Accrual. A Cash Basis accounting method will use the Customer Deposits account. An Accrual accounting method will use the Accounts Receivable account.

    • Sales Tax Payable - An Accounts Payable or Current Liability account for sales tax that is credited when invoices are posted.

    • Shipping & Handling - The income account for shipping and handling that is credited when invoices are posted.

    • General Sales - The income account that is credited when invoices are posted for the sale of any items that do not have a GL sales account specified in the price list (see the Price List Reference topic in the "Price List" chapter) or the session type (see Session Types for more information).

    • Discounts - The income account for discounts that is debited when invoices are posted. Line Item Discounts are debited from the Price List Item Discount GL Account. If this is blank, they are debited from the Session Type GL Discount Account. If this is blank, they are debited from the discount account listed in Company (Studio) Preferences (see the Price List Reference and Session Types topics for more information).

    • Cash Back - The account you would use for items like petty cash. When you make a deposit, there is a space for cash back. If you deposit checks and want to get some cash back, it is this account that will be debited the amount of that cash.

    • Loyalty Rewards - A sales account used to track the amount of loyalty rewards that have been redeemed. When a loyalty reward is redeemed, it will be debited to this account, and will therefore show as a negative sale, like a discount.

PATHWAYS TO SUCCESS...

Here is an example of how the accounting workflow relates to the General Ledger Accounts within your accounting software. Depending on which accounting method you use, expand the example below. To set up using Cash Basis accounting vs. Accrual accounting, see the Accounting Method section in the Company Preferences - Accounting tab. See also: Setting up the Accounting Link

Cash Basis Accounting
Accrual Accounting

   
  1. Accounting Link Options - Enter the Class Code. Check off the Export Automatically During Posting if you want the software to create the export file during the posting procedure. If you do not check this option, you will have to go to Re-Export Posting Reports in order to create the QuickBooks file.

HERE'S A FLASH FOR YOU!

By default, all sales data will post to the general ledger account number you enter in Company (Studio) Preferences. However, you may have sale items that you would like to post to a different general ledger account number. Spectra/myStratus have two different ways you can post sales.

Session Types - In Maintenance > Session > Session Types you can specify a general ledger account that you want all sales and discounts from these sessions to go to. Any non-session sales will default to the general sales account set up in Company (Studio) Preferences. See also: Session Types

Price List - In Maintenance > Price List > Price Lists you can specify a general ledger account for a specific item. Go to the item you want to have post to a different general ledger account. Enter that account number in the GL Sales Account Line. Any sales for items that do not have a GL account will default to the general sales account set up in Company (Studio) Preferences. See also: Price List Reference

  1. Fiscal Year - Set the month and day that marks the beginning of your fiscal year.

See Payment Methods to complete setting up your accounting link.



See also


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